General Dynamics Wins Race To Buy Axsys, To Pay $643 Million
2009年6月5日 - 2:08AM
Dow Jones News
DOW JONES NEWSWIRES
General Dynamics Corp. (GD) announced a deal to acquire sensor
and camera maker Axsys Technologies Inc. (AXYS) for $643 million as
the defense contractor looks to bulk up its intelligence
offerings.
Axsys said in March it was evaluating a possible sale after
getting approaches from a number of suitors. That word has helped
shares of the company double the past three months. Axsys makes
sensors and cameras for customers including the Pentagon and
Department of Homeland Security Department for use in applications
like aerial and perimeter surveillance.
Axsys holders would get $54 for each share, an 8% premium to
Wednesday's closing price. The roller-coaster stock soared from $20
two years ago to $79.69 this past August before losing nearly all
those gains by March.
The deal, slated to close in the third quarter, wouldn't impact
General Dynamics' 2009 earnings but boost profit thereafter. Axsys
has been reporting steady earnings and sales growth in recent
years, while information technology-related work is General
Dynamics' biggest business.
-By Kevin Kingsbury, Dow Jones Newswires; 201-938-2136;
kevin.kingsbury@dowjones.com